Billionaire investor John Paulson’s hedge fund on Monday opposed Callon Petroleum Co’s proposed $3.2 billion acquisition of Carrizo Oil & Gas Inc, and urged the company to instead consider selling itself. Paulson & Co. Inc, which has a 9.5% stake in Callon, in a letter to the company’s board said adding Carrizo’s “inferior Eagle Ford assets will permanently reduce the attractiveness of Callon to potential acquirers”. Paulson noted that paying a 25% premium for the acquisition is “unjustifiable” and said Callon will lose its premium valuation as a Permian pure play.

source https://finance.yahoo.com/news/1-hedge-fund-paulson-urges-131138379.html?.tsrc=rss